Half-time wrap:
The share market headed for its worst weekly loss in a month following a second losing night on Wall Street as Middle East tensions, interest rate uncertainty and surging treasury yields dampened buying interest.
The ASX 200 dropped 91 points or 1.31%. Mining, banking and healthcare stocks led the retreat. Energy producers and gold miners attracted a bid as crude and gold rallied.
Two days of sharp decline have the Australian benchmark on track for a weekly loss of more than 2% and a close near 11-month lows. Sentiment this week has been undermined by a bond market sell-off that today pushed the US 10-year yield over 5% for the first time since 2007. The Australian 10-year yield touched 4.8% in the last 24 hours before backing off.
US stocks declined overnight as a speech by Federal Reserve Chair Jerome Powell did little to clarify whether the current rates cycle has reached a top. Powell said rising market rates (yields) had done some of the central bank's work for them, but inflation remains too high. The S&P 500 shed 0.85%.
Personal trading: Not a lot of opportunity that I could see. Took a profit from yesterday's TOY smash-up.
